U.S. crude inventory has been hovering between 430 and 450 million barrels since early December — and remains around 6% above the five year average for this time of year.But there are indications that crude supply is beginning to decrease. U…
U.S. oil and gas company Apache Corp said on Thursday it expects to spend much less on exploration and production this year than originally planned, becoming the latest shale producer to cut capital spending amid a fall in crude prices.Apache set a capital budget for oil production of $2…
Spending on the offshore service sector will outpace spending on the onshore shale sector this year, said Rystad Energy.According to Rystad's Oilfield Service Research report, service companies exposed to the offshore subsea market and the maintenance…
Private equity-backed oil firm Chrysaor has hired advisers ahead of talks to buy Chevron's British North Sea oil and gas fields for over $2.5 billion, industry and banking sources said.Chrysaor has signed up investment banks Jefferies and BMO…
Chevron Corp plans to spend $20 billion next year on oil and natural gas projects, the second-largest U.S. oil producer said on Thursday in a statement, its first increase in four years.Its 2019 capital spending budget is at the high end of…
Crude inventory build has reared its head again. And fears of an oil glut returning have sent oil prices south.According to the International Energy Agency (IEA), OECD oil stocks increased by 58.1 million barrels in Q3 2018, the largest gain since 2015…
Big Oil is today in a spending sweet spot as years of cost cuts and rising oil prices converge but investments will need to rise after 2020 to boost output, BlackRock, the world's largest asset manager, said on Tuesday.Oil and gas giants such as Royal Dutch Shell…
U.S. energy firms added oil rigs for a fourth time in the last five, keeping the rig count at its highest in over three years even though crude futures were on track to fall for a fifth week in a row to their lowest level since February.Drillers added 12 oil rigs in the week to Nov…
Houston based E&P company ConocoPhillips announced it has realigned its executive leadership team following news that its executive vice president, Production, Drilling and Projects Al Hirshberg will retire.Effective January 1, 2019, Matt Fox…
New facies-first technique provides greater geo-model accuracy to optimize reservoir appraisal and assessment.Deriving facies models from the outcomes of seismic inversions, and their derivatives, has become standard practice in reservoir characterization workflows…
Baker Hughes Inc. issued its international rig count that showed 1251 rigs operating worldwide in March 2015 outside of the US and Canada. Unsurprisingly, global rig counts have dropped significantly due to an approximate 50% drop in crude oil prices since 2014…
Eckhard Hinrichsen analyses the race for oil and gas reserves as the market liberalizes. The Mexican energy industry is at last open to foreign companies. Investment opportunities abound as the important first licensing rounds loom. The…
Heather Saucier examines the effect of regional energy policies on Latin America’s rich untapped resources, estimated to be some 126 billion bo and 679 Tcf of natural gas, a large majority of which is offshore. Piñon…
With oil prices plummeting to a five year low, and project cut backs likely in 2015, short-term funding for US shale may lose out to the country’s higher cost deepwater developments, the latest article by leading petroleum industry advisor Gaffney…
Wood Group PSN (WGPSN) has been awarded a five year contract worth about $750million by BP for engineering, procurement and construction services on six UK continental shelf (UKCS) offshore upstream assets and the Forties Pipeline System (FPS) onshore midstream facilities in Grangemouth…